Amex Rewards Checking: $300 Bonus for Setting Up Direct Deposit

American Express is back with a solid bonus on their personal checking account. If you've been thinking about giving Amex a try for your everyday banking, now's a good time. Here's the deal: open a Rewards Checking account, set up direct deposits totaling at least $7,500 within 90 days, and you'll get $300 deposited into your account. It's straightforward, and there are no monthly fees or minimum balance requirements to worry about.

What You Need to Know About the $300 Bonus

The bonus is straightforward: open a new Amex Rewards Checking account by July 30, 2026, and then make sure you receive at least $7,500 in qualifying direct deposits within the first 90 days. That's it. No confusing hoops, no extra steps.

But here's the catch — not every deposit counts. Amex is strict about what qualifies. They want money that comes directly from an employer or a government agency. Think your regular paycheck, a pension deposit, Social Security benefits, or a tax refund. What doesn't work? Transfers from apps like Venmo or PayPal, moving money from another bank account you own, or depositing a check. So if you're planning to just shuffle your own cash around, that won't cut it.

Also, you need to be an existing Amex customer to apply. Specifically, you need to have a U.S. Basic Consumer Card (like a personal Amex credit card) for at least three months, or be an additional card member on someone else's account, or already have an Amex High Yield Savings Account or CD. If you're new to Amex entirely, you might need to start with a credit card first.

No Monthly Fees, No Minimum Balance — But Watch the Fine Print

One of the best things about this account is that it costs you nothing to keep open. There are no monthly maintenance fees, no minimum balance requirements, and no fee to open it. That's rare for a checking account these days, and it makes this bonus essentially free money if you can meet the direct deposit requirement.

However, there are a few things to keep in mind. First, you must keep the account open and in good standing until the bonus posts (which can take 8 to 12 weeks after you meet the requirements). If you close it early, you forfeit the bonus. Second, Amex says they can deny the bonus if they suspect any abuse or gaming — so don't try to game the system with fake direct deposits or anything shady.

Also, remember that the $300 bonus is considered taxable income. Amex will likely send you a Form 1099-INT, so set aside some of that bonus for tax time. It's not a huge amount, but it's worth planning for.

• No monthly fees, no minimum balance, no ATM fees at 70,000+ Allpoint and MoneyPass ATMs.
• Earn 1 Membership Rewards point per $2 spent on debit card purchases (redeemable for statement credits or deposits).
• Account earns 1.00% APY — higher than many traditional checking accounts.

Is This Bonus Worth It?

Honestly, $300 for setting up direct deposit is a pretty good deal, especially since there are no ongoing fees. If you already have a regular paycheck or government benefit that you can redirect to this account, you're essentially getting paid to switch your direct deposit for a few months. After the bonus posts, you can keep the account for the 1% APY and the debit card rewards, or you can move on — just make sure you don't close it before the bonus hits.

One thing to consider: Amex has offered higher bonuses on their business checking account in the past, and some people might want to wait and see if they increase this offer. But there's no guarantee that will happen, and this is the first public bonus on the personal checking account, so it's a solid opportunity.

If you're an existing Amex cardholder and you can meet the direct deposit requirement, I'd say go for it. Just make sure you understand what counts as a qualifying direct deposit, and don't try to shortcut it with transfers from other accounts.

Bottom Line

• Open account by July 30, 2026, and receive $7,500+ in qualifying direct deposits within 90 days to earn $300.
• Only employer or government ACH deposits count — no P2P or bank transfers.
• No monthly fees, no minimum balance, and a soft pull on your credit.
• Bonus may take 8-12 weeks to post and is taxable.
• Must be an existing Amex customer (cardholder, savings/CD customer) to apply.

Common Questions